Bio-Based Chemicals are generally produced by using renewable sources like sugarcane, corn, vegetable oil, sugar beet, grains, wheat and other cereals, and lignocellulosic biomass. The products which are manufactured by using Bio-Based Chemicals are eco-friendly and does not release toxic emissions when disposed of. The Global Bio-Based Chemicals Market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 10.47%, surpassing a valuation of USD 97.2 billion during the forecast period (2018-2023).
The major factor driving the Bio-Based Chemicals Market is the strict government mandates associated with the use of synthetic chemicals, especially in developed nations. The surging application of bio-based alcohols in the F&B segment is also triggering the demand from the market. The mounting demand for Bio-Based Lubricants in the transportation and automotive sectors are also predicted to create growth opportunities for the market in the coming years. With the rising focus on production cost optimization with the help of technological innovations, the market is estimated to gain prominence.
Bio-alcohols find wide applications in the F&B industry, especially bioethanol. It is extensively used as an intoxicating agent in the production of alcohol beverages like brandy, vodka, rum, gin, whiskey, tequila, fortified and unfortified wine, beer, and others. It is also used to concentrate and extract aromas and flavors, which are used as a flavoring agent in the F&B industry. The high demand from the F&B industry will induce the growth of the market in the coming years.
On the contrary, the fluctuating prices of raw materials are one of the major concerns deterring the market growth across the globe.
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Competitive Dashboard:
The Top Players Operating in the Bio-Based Chemicals Market include Vertec BioSolvents (US), BASF SE (Germany), TOTAL (France), AGAE Technologies, LLC (US), Archer Daniels Midland Company (US), BioAmber Inc (US), Braskem SA (Brazil), DowDuPont (US), Toray Industries Inc (Japan), Evonik Industries (Germany), Itaconix PLC (UK), Cargill, Incorporated (US), Mitsubishi Chemical Corporation (Japan), GFBiochemicals Ltd (UK), and Royal DSM NV (The Netherlands).
Global Bio-Based Chemicals Market: Segmental Analysis
The Bio-Based Chemicals Market has been segmented based on Type and Application.
By Type, the market is segmented into bio-lubricants, bioplastics, bio-alcohols, bio-solvents, bio-surfactants, and bio-based acids. Of these, the bio-alcohols segment will register the largest share of 41.7%, owing to the large-scale adoption of bioethanol in potable as well as industrial applications. Industrial applications of bioethanol comprise manufacturing of aromas and flavors, cosmetics and personal care formulations, and pharmaceutical formulations.
The Application Segment comprises pharmaceuticals, food & beverage, agriculture, and packaging. Of these, the food & beverage segment is predicted to showcase the largest share of 26.2%. The segment was valued at USD 15,494.6 million in 2018 and is expected to garner a CAGR of 8.79% by the end of 2023.
Regional Frontiers:
Geographically, the Bio-Based Chemicals Market spans across Europe, Asia Pacific, Latin America, North America, and the Middle East & Africa.
Considering the Global Scenario, Europe acquired the largest share in the global market and accounted for 33.75% in 2018. The region was valued at USD 19,950.8 million in 2018 and is estimated to garner a CAGR of 10.85% by the end of 2023, mainly due to the strict environment regulatory policies in the region. In this region, Germany acquired the largest shared in 2018 and is predicted to garner the highest CAGR of 12.34% by the end of 2023. The government in Europe is highly focusing on the development of bio-based sector and several policies and strategies in order to achieve sustainable economic growth. This is predicted to trigger product demand in the market.
The Asia Pacific has managed to seize the second largest share due to the rapid industrial growth, coupled with favorable regulatory policies, especially in the emerging countries of the region. The market in the APAC will register the highest CAGR of 11.32% by 2023, with China accounting for the largest share. Meanwhile, India is likely to register a CAGR of 11.40% by 2023.
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